As Ryan Lochte waits to see what disciplinary action U.S. Swimming will take against him and his three teammates, his wallet just got a little lighter.
On Monday, Speedo announced that the company is terminating its endorsement deal with Lochte because of the Rio gas station incident.
“While we have enjoyed a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team, we cannot condone behavior that is counter to the values this brand has long stood for,” the statement read, according to TMZ. “We appreciate his many achievements and hope he moves forward and learns from this experience.”
Speedo also said it will donate $50,000 of Lochte’s fees to Save the Children. The charity plans to use the money to help children in need in Brazil.
Some fallout was expected for Lochte, especially after he admitted he lied about being robbed at gunpoint. While we still don’t know the exact details of what happened at the gas station, we know Lochte initially tried to make it seem like he was randomly robbed. The reason he gave for lying on TV didn’t help much, either.
